Force monitoring devices and equipment are employed in well related applications and in a variety of other types of applications. A force measurement device may be combined with equipment to measure the various loads to which the equipment is subjected during a given operation. In downhole well applications, for example, strain gauges may be used to monitor forces in drill pipe, coiled tubing, bottom hole assembly components, and/or other well related tubular components. The strain gauges may be employed to measure tensile loading, compression loading, and/or torque loading. However, differential pressure between the inside of the tubular component and the surrounding annulus can generate a hydraulic push or pulling force on the tubular, and the forces resulting from the differential pressure affect the strain gauge measurements.